JUST LISTED TODAY! TWO HOMES ON ONE LOT! 516 and 516 ½ Tamarack Drive in Lodi. Price? $349,950. Investors: Potential rents in the $2200 per month range. Future homeowners: Live in the big house and rent out the fully self-contained one-bedroom cottage! Minimum-down FHA is okay.

I just spent $3,000 to refinish the original hardwood floors in the main house and another few grand on paint and minor upgrades. Next we tackle the cottage, but I wanted to get the place on the market now in case someone wants to buy at a discount before the fixup is complete.

I ASKED VETERAN LODI LENDER Wes Rice about a minimum-down FHA owner-occupant loan for this property. He told me the following: “We can use 75% of the cottage’s gross rent ($800) to help the borrower qualify ($800 x 75% = $600). The additional $600 per month income gives the borrowers approximately $30,000 to $35,000 more buying power.” In other words, if you qualify for a $315,000 house, you will probably qualify for this $349,950 duplex! Call Wes at 209-610-9766.

I’M THE OWNER of the above properties (Well, my darlin’ wife Julie and I are the owners). I’m following my own advice and rolling the proceeds into paying off other mortgages! I follow the Dave Ramsey method: Use a mortgage to BUY a home. Then PAY OFF THE LOAN as quickly as you can!

Here’s a book I strongly recommend: The Automatic Millionaire by David Bach. Get the newly-updated version. Timeless advice. Easy to do…but easy NOT to do too. Don’t wait any longer! Have a great week.

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